The South Korean won joined most regional peers in falling against the dollar on Thursday morning, touching its weakest in two years.

The won was down 0.4 percent at 1,148.2 per dollar, after touching a morning low of 1,150.0, the lowest since July 8, 2013.

The dollar firmed on growing expectations that the Federal Reserve may increase U.S. interest rates as early as September after Fed Chair Janet Yellen affirmed the view of a central bank prepared to gradually raise rates.

“The Fed chief focused on the pace of stabilising rates, so investors expected the Fed would hike rates sooner, possibly in September, and nudging interest rates higher,” said Jung Kyung-parl, a currency analyst at KEB Futures.

“The won can fall as low as 1,163 level in July as foreign exchange markets concentrate on the Fed’s rate hike following the Greek parliament passing austerity measures,” Jung added.

Before Seoul markets opened, the Greek parliament passed sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro.